(TruthandLiberty.com) – Last summer, it became apparent inflation was hitting the US economy hard. Biden administration officials told America economists expected some inflation pressures as the economy picked up speed and emerged from the COVID-19 pandemic.
During the summer, Federal Reserve Chairman Jerome Powell signaled while he believed the original assessment to be accurate, outliers in the economy suggested inflation could be a longer-term problem.
On Thursday, October 21, CNBC Mad Money host Jim Cramer told Squawk Box that his concerns were growing much worse than he initially thought. Before Cramer’s segment, CNBC spoke with billionaire hedge-fund manager Paul Tudor Jones. Jones said inflation might get much worse than anyone could have predicted, and it’s likely to stick around for some time.
The financial expert added $3.5 trillion in demand for goods is greater than the population can normally consume. The lack of supply coupled with the incredible demand means inflation is unlikely to be transitory. Jones added the upcoming increases in Social Security and military pay would add fuel to the fire.
Cramer agreed with Tudor’s assessments, referencing inflation data from Fermium Research to back his points.
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